Gainesville Mixed-Use Commercial
For Sale
$1,000,009
Pending
1938 NE WALDO, Gainesville, FL 32609
Versatile mixed-use property in a growing Gainesville corridor.
Property Size4,206 SF
Lot Size0.37 Acres
Days on Market187
Property Features for 1938 NE WALDO
General Information
Standard status
Pending
Size
4,206 SF
Lot size
0.37 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,747
Building Details
Building Size
4,206 SF
Year Built
1900
Listing Agency:
WATSON REALTY CORP
Listed By:
Sherman Bryan, Jr.
(352) 262-9319
Source:
Elliman
Added: Mar 10
Changed: Sep 10
Last Checked: Sep 12 at 9:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WATSON REALTY CORP
Investment Insights
Based on property information with market context.
Located in Gainesville's NE Seola area, this mixed-use property offers a prime commercial opportunity. The property, situated on a 0.37-acre MU1-zoned lot along NE Waldo Road, provides excellent visibility in a growing corridor and is just minutes from Downtown Gainesville. Originally constructed in 1900 and updated in 2020, the masonry building features 4,206 SF of heated space with 8 spacious rooms, central HVAC, and forced-air electric heating. The building has a durable CB stucco exterior with drywall interior walls and pine/soft wood flooring, topped with a flat tar & gravel roof. Currently used as a daycare facility with a capacity of 69, this property is ideal for a daycare, community center, professional office, or other mixed-use applications. The location is near Gainesville Regional Airport, Depot Park, and the University of Florida, as well as Paynes Prairie Preserve, Morningside Nature Center, and the Matheson History Museum. The property offers a high-visibility location with strong community appeal.
Key Highlights
- Prime 4,374 SF mixed‑use property in a growing Gainesville corridor.
- MU1 zoning allows for daycare, community center, professional office, or other mixed‑use applications.
- Updated in 2020 with 4,206 SF of heated space and central HVAC, featuring durable construction.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,579
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$971,580
$971.6K
Cap Rate 7%
$693,986
$694.0K
Cap Rate 9%
$539,767
$539.8K
Market Conditions
NOI Build-Up for 4,206 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$88.3K $21.00/SF
− Vacancy
−$10.6K −$2.52/SF
EGI
$77.7K $18.48/SF
− OpEx
−$29.1K −$6.93/SF
NOI
$48.6K $11.55/SF
Area
Gainesville, FL
Vacancy
12.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$971,580
Cap Rate 7%
$693,986
Cap Rate 9%
$539,767
Alternative Uses
Best Use
Mixed Use
$694.0K
$607.2K – $809.7K
NOI $48,579 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$911.5K – $1.22M
NOI $72,922 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32609, FL
18,322
Population
8,515
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
87%
High-School Grad
117.5 sq mi
ZIP Area
156
Density / Sq Mi
$48,121
Median Household Income
$34,041
Median Earnings
$1,159
Median Rent
$174,500
Median Home Value
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Similar Off Market Nearby
- Superior Childcare & Learning — 1645 NE 8th Ave, Gainesville, FL 32641
- A To Z Professional Childcare — 1645 NE 8th Ave, Gainesville, FL 32641
- Duval Early Learning Academy — 2106 NE 8th Ave, Gainesville, FL 32641
- Laniakea Montessori School — 931 NE 16th Ave, Gainesville, FL 32601
- Episcopal Children's Services - East Ridge Head Start — 1130 NE 16th Ave, Gainesville, FL 32601
Frequently Asked Questions
What type of property is this?
Day care center - Versatile mixed-use property in a growing Gainesville corridor.
Where is this day care center located?
The property is located at 1938 NE WALDO Gainesville, FL.
What is the asking price?
The asking price for this property is $1,000,009.
What are key features of this property?
This property features: Prime 4,374 SF mixed‑use property in a growing Gainesville corridor.; MU1 zoning allows for daycare, community center, professional office, or other mixed‑use applications.; Updated in 2020 with 4,206 SF of heated space and central HVAC, featuring durable construction.
